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Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

People go to websites to get the information they desperately need.  They could be looking for an answer to a nagging question.  They might be looking for help in completing an important task.  For recent graduates, they might be looking for ways on how to prepare a comprehensive resume that can capture the attention of the hiring manager

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Manush’s story shows the importance of using powerful keywords to his resume in landing the job he wanted.

Week 4 Reading Quiz Chs. 12 and 13

Navigation   » List of Schools  »  Glendale Community College  »  Economics  »  Econ 102 – Principles of Macroeconomics  »  Winter 2023  »  Week 4 Reading Quiz Chs. 12 and 13

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Below are the questions for the exam with the choices of answers:

Question #1
What policies will a Neoclassical Economist tell the government to enact in order to foster a healthy economy?
A  The government should set up and regulate wages and unions, and set price floors and ceilings for specific fundamental goods.
B  The government should increase production output through regulating sales of resources and strictly monitor exports and imports.
C  The government should keep inflation low and maintain low tax levels over the long run.
D  The government should implement the COLA to improve the economy
Question #2
Keynes believed that economies are ___ driven in the ___.
A  demand; short-run.
B  demand; long-run
C  supply; long-run
D  supply; short-run.
Question #3
Potential real GDP is defined as:
A  The quantity of output that the economy can produce when it is at full employment of its labor and physical capital.
B  The macro equilibrium
C  The quantity of output that the economy can produce when it is above the natural rate of unemployment.
D  The quantity of output that the economy can produce when it is at less than potential employment of its resources.
Question #4
According to neoclassical economists, a graph of aggregate supply in long run appears:
A  Upward sloping
B  Vertical
C  Horizontal
D  Downward sloping
Question #5
A vertical aggregate supply graph indicates that aggregate demand has no effect on:
A  Prices
B  Inflation
C  Wages
D  Quantity of output
Question #6
The Keynesian model focuses more on short-term fluctuations caused by business cycles and the neoclassical model focuses more on:
A  Short-term fluctuations caused by technological change and labor force growth
B  Immediate determinants like changes in hiring and firing
C  long-run determinants of output and employment
D  Intermediate aspects of taxes and spending
Question #7
According to the neoclassical point of view
A  Cyclical Unemployment might occur temporarily
B  All goods supplied will be demanded at an unchanged price.
C  Unemployment will never happen
Question #8
According to the Neo-classical view, if consumer demand slowed down
A  Prices would decrease, and the economy would return to its long-term growth trend.
B  Investment and government demand would increase, and the economy would return to its long-term growth trend
C  Prices would increase, and the economy would return to its long-term growth trend.
D  Wages would increase, and the economy would return to its long-term growth trend.
Question #9
According a neoclassical perspective, in the long run, a surge in aggregate demand will most likely result in
A  Downward pressure on the price level.
B  An increase in the aggregate price level.
C  A rise in the level of output.
D  A decline in the level of output
Question #10
In the neoclassical view of the economy, expansionary fiscal policy cannot work to raise equilibrium output because
A  it will dis-incentivize production.
B  it will raise unemployment.
C  It reduces aggregate output.
D  flexible prices will eventually choke off any increase in aggregate demand.
Question #11
According to the Keynesian framework, which of the following will not help a country to get out of a recession, but may help that country reduce inflation?
A  decrease in spending by government on health care
B  increase in spending by the government on health care
C  an increase in military spending
D  a decrease in military spending
Question #12
Suppose that out of the original 100 increase in government spending, 60 will be recycled back into purchases of domestically produced goods and services. Following this multiplier effect, what value will be recycled in the next round in the cycle?
A  36
B  42
C  16.66
D  3.6
Question #13
If a Phillip curve shows that unemployment is low and inflation is high in the economy, then that economy:
A  is producing at its equilibrium point.
B  is producing at its potential GDP.
C  is producing at a point where output is less than potential GDP.
D  is producing at a point where output is more than potential GDP.
Question #14
Suppose that out of the original 100 increase in government spending, 33 will be recycled back into purchases of domestically produced goods and services in the second round and 10.89 is spent in the third round. Following this multiplier effect, what value would be recycled in the fourth round of this cycle?
A  3.37
B  5.23
C  9.89
D  3.59
Question #15
According to the Keynesian framework, ________________________ may cause a recession, but not inflation.
A  an increase in domestic investment
B  a decrease in a major trading partners export prices
C  a major trading partner’s economic slowdown
D  a decrease in interest rates
Question #16
If a Keynesian expenditure-output model shows that aggregate demand for both goods and labor has shifted to the left to D1, while wages remained at w0 and prices remained at P0, what will be the result?
A  depression
B  coordinated wage reductions
C  natural rate of unemployment
D  excess supply
Question #17
The equilibrium quantity of labor and the equilibrium wage increase when:
A  labor demand shifts to the left, if wages are flexible.
B  labor supply shifts to the left, if wages are flexible.
C  labor demand shifts to the right, if wages are flexible.
D  labor supply shifts to the right, if wages are flexible.
Question #18
The equilibrium quantity of labor increases and the equilibrium wage decreases when:
A  labor supply shifts to the right, if wages are flexible,
B  labor demand shifts to the right, if wages are flexible.
C  labor demand shifts to the left, if wages are flexible.
D  labor supply shifts to the left, if wages are flexible.
Question #19
The Keynesian economic framework is based on an assumption that:
A  an increase in government spending will cause the aggregate demand curve to shift to the left.
B  prices and wages are sticky and do not adjust rapidly.
C  people can afford a high level of government services.
D  an increase in government spending will cause the aggregate demand curve to shift to the left.
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“Kudos to the team for a job well done.  I am sincerely appreciative of the time and effort you gave on my resume.  You did not only help me land the job I had always been dreaming of but you also made me realize how important adding those specific keywords to my resume!  Cheers!

Manush
Fresh Graduate
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